Carnegie Investment Counsel Acquires 247,061 Shares of Maplebear Inc. $CART

Carnegie Investment Counsel raised its holdings in Maplebear Inc. (NASDAQ:CART) by 83.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 542,936 shares of the company’s stock after acquiring an additional 247,061 shares during the period. Carnegie Investment Counsel’s holdings in Maplebear were worth $19,958,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Elevation Point Wealth Partners LLC acquired a new stake in shares of Maplebear in the 2nd quarter valued at approximately $53,000. Fifth Third Bancorp boosted its position in Maplebear by 123.7% in the second quarter. Fifth Third Bancorp now owns 1,190 shares of the company’s stock valued at $54,000 after buying an additional 658 shares in the last quarter. CWM LLC grew its stake in shares of Maplebear by 42.2% during the third quarter. CWM LLC now owns 1,634 shares of the company’s stock worth $60,000 after buying an additional 485 shares during the last quarter. SRH Advisors LLC acquired a new position in shares of Maplebear during the second quarter worth $61,000. Finally, Huntington National Bank lifted its stake in shares of Maplebear by 2,288.5% in the 2nd quarter. Huntington National Bank now owns 1,457 shares of the company’s stock valued at $66,000 after acquiring an additional 1,396 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Transactions at Maplebear

In other news, Director Fidji Simo sold 3,051 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $39.60, for a total value of $120,819.60. Following the completion of the sale, the director directly owned 570,756 shares in the company, valued at $22,601,937.60. This trade represents a 0.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Morgan Fong sold 4,914 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the transaction, the general counsel directly owned 404,940 shares in the company, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,525 shares of company stock worth $521,304 in the last three months. Insiders own 26.00% of the company’s stock.

Maplebear Stock Up 0.4%

NASDAQ:CART opened at $45.85 on Friday. Maplebear Inc. has a twelve month low of $34.78 and a twelve month high of $53.50. The company has a fifty day moving average of $41.33 and a 200-day moving average of $43.53. The firm has a market capitalization of $12.04 billion, a P/E ratio of 25.19, a P/E/G ratio of 1.49 and a beta of 1.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The business had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. During the same period last year, the company posted $0.42 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. On average, analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the topic of a number of research reports. Robert W. Baird reduced their price objective on Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Needham & Company LLC cut their price target on Maplebear from $66.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. JPMorgan Chase & Co. lowered their price objective on Maplebear from $65.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Benchmark cut their target price on shares of Maplebear from $67.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Finally, Wells Fargo & Company decreased their price target on shares of Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.21.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.